Ethereum (ETH) Holds a 5% Price Increase as Price Action Reverses from Resistance
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Summary:
- Ethereum remains bullish after rebounding from $1,500.
- Price is testing 9-day EMA support as momentum weakens slightly.
- A move toward $2,500 remains likely if support holds.
The Ethereum market has seen a significant upward movement since rebounding from strong support at $1,500. Some predictions suggest that a major price rally may be on the way, as leading cryptocurrencies could experience a fresh wave of bullish momentum.
The Ethereum Daily Chart
On the 24-hour price chart, the ETH/USDT market is pulling back for the second consecutive session. This has brought the current session to test the support provided by the 9-day Exponential Moving Average (EMA).
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator lines have risen above the equilibrium level at the 0.00 mark. Additionally, green but fading histogram bars remain visible above the equilibrium line.
ETH/USDT Market Stands on a Key Support Base
Ever since price action in the Ethereum market formed a double-bottom pattern at the $1,500 price level and advanced toward the $2,000 mark, the market has gained nearly $500. However, the downward rejection seen since the previous session has brought the market to a crossroads.
At this point, the prospects for a bullish continuation depend on whether buyers can defend the support provided by the 9-day EMA. For now, the MACD indicator remains bullish but shows signs of weakening, as reflected by the fading appearance of its histogram bars.
Ethereum Stays on Course Toward Higher Price Levels
So far, price action has managed to withstand bearish pressure despite the pullback that has occurred since the previous session. As a result, the market continues to trade just above the 9-day EMA.
Likewise, the MACD indicator lines maintain a positive trajectory despite signaling some weakening momentum. Therefore, traders may continue to target the $2,500 price level over the medium term.
